According to the news on February 21 on the official website of the Ministry of Finance, on February 20, 2024 Washington time, the World Bank announced the appointment of Zhang Wencai as the Executive Vice President and Chief Executive Officer of the World Bank, responsible for institutional strategy, planning, budget, information technology services and sanctions system.
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Source: official website of the World Bank
According to the data, Zhang Wenchai, born in 1964, holds a master's degree in international economics from Nankai University and a doctor's degree in finance from the Chinese Academy of Sciences. Zhang Wencai is currently the Vice President of the Export Import Bank of China and the trustee of the International Financial Reporting Standards Foundation.
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Source: Official website of Export Import Bank
Previously, Zhang Wencai had served as the Vice President of the Agricultural Development Bank of China, the Vice President of the Asian Development Bank, the Director of the Department of International Financial Cooperation of the Ministry of Finance of China, and had rich experience in the field of development.
Zhang Wencai's "Return" to the World Bank
Zhang Wencai "became attached" to the World Bank in his early years. His career began in the World Bank Department of the Ministry of Finance, so the market was not surprised by his return.
According to the data, Zhang Wencai graduated from Nankai University in July 1989 and worked in the World Bank Department of the Ministry of Finance Director of the First Division of International Economic Relations, etc.
In July 2004, Zhang Wencai served as Deputy Director of the International Department of the Ministry of Finance, and in March 2007, he served as Deputy Director of the International Department of the Ministry of Finance and Executive Director in China of the Asian Development Bank. In October 2013, Zhang Wencai served as the Vice President of the Asian Development Bank; in December 2018, he served as the Director of the Department of International Financial Cooperation of the Ministry of Finance; and since January 2019, he has successively served as the Deputy Director of IFAD in China, the Director of New Development Bank and the Director of the Asian Infrastructure Investment Bank in China.
Later, Zhang Wencai officially entered the financial system. In June 2020, Zhang Wencai became a member of the Party Committee and Vice President of the Agricultural Development Bank of China. In May 2022, Zhang Wencai became a member of the Party Committee and Vice President of the Export Import Bank of China.
Zhang Wencai's main working experience:
In July 1989, after graduation from Nankai University, he joined the World Bank Department of the Ministry of Finance
From November 1993 to July 2004, Assistant Executive Director of China to the World Bank, Deputy Director of the World Bank Department of the Ministry of Finance, Deputy Director and Director of the International Department of the Ministry of Finance
From July 2004 to July 2012, he successively served as Deputy Director of the International Department of the Ministry of Finance and Executive Director of the Asian Development Bank in China
From July 2012 to June 2020, the director of the Foreign Financial Exchange Office of the Ministry of Finance (at the level of director), the vice president of the Asian Development Bank, and the director of the Department of International Finance and Financial Cooperation of the Ministry of Finance (since January 2019, he has successively served as the deputy director of IFAD in China, the director of New Development Bank and the director of the Asian Infrastructure Investment Bank in China)
From June 2020 to May 2022, member of the Party Committee and vice president of the Agricultural Development Bank of China
Member of the Party Committee and Vice President of the Export Import Bank of China from May 2022
Zhang Wenchai has long been concerned about the global economic situation. On October 21, 2023, Zhang Wencai attended the 2023 Shanghai Suhewan Conference of the Global Wealth Management Forum and said that at present, the global inflation level has dropped as a whole, the performance of consumption and service industry is relatively strong, and the world economy has continued to recover. However, the negative impact of tight monetary policy has become increasingly obvious. Unilateralism and protectionism have increased significantly, geopolitical conflicts continue, and the momentum of world economic growth is weakening.
"Inadequate financing for development is an important factor restricting the economic growth of developing countries, and all sectors of society need to strengthen cooperation to jointly provide adequate financial support for developing countries." Zhang Wencai suggested that, in the main body of support, efforts should be made to give play to the leading and exemplary role of international financial institutions and policy oriented development financial institutions, and mobilize more social capital and private capital to participate. In terms of support, ensure that funds are used for "cutting edge" and focus on poverty reduction, climate change and green development, industrialization, digital economy, connectivity and other key areas. In terms of support methods, we should not only focus on innovating financing models through third-party market cooperation and other ways to form a joint force of diversified support, but also highlight the simultaneous development of financing and intellectual integration to help developing countries strengthen capacity building and enhance their endogenous development momentum.
International financial institutions frequently show Chinese faces
As China is the third largest shareholder of the World Bank, the World Bank has set up Chinese senior management seats all the year round.
Previously, Yang Shaolin was the Executive Vice President and Chief Executive Officer of the World Bank, and Zhang Wencai took over the post of Yang Shaolin.
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According to the official website of the World Bank, Yang Shaolin has served as the Executive Vice President and Chief Executive Officer of the World Bank Group since February 2016, responsible for many important functions of the institution, including: institutional strategy, budget and strategic planning, information technology, enterprise risk, shared services, institutional procurement, general affairs, institutional security, health and safety, ethics and business ethics The sanctions regime and the internal justice system.
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Source: official website of the World Bank
Yang Shaolin has extensive experience and expertise in international development and multilateral and bilateral cooperation, including multilateral development banks. He once served as the Director of the Department of International Financial Cooperation of the Ministry of Finance of China, in charge of economic and financial cooperation between China and foreign governments and international financial institutions. From 2009 to 2013, Yang Shaolin served as the Executive Director of China to the World Bank, presided over the work of the Governance and Executive Director's Administrative Affairs Committee, and supervised the formulation and implementation of a number of institutional governance reform measures. Yang Shaolin also served as the deputy director of the International Fund for Agricultural Development (IFAD) sent by China to Rome, Italy, and the deputy executive director of the Asian Development Bank (ADB) sent by China to Manila, Philippines.
The reporter noticed that there are also many Chinese faces in the current executive ranks of the World Bank. For example, Chen Guangzhe has served as the Vice President of the World Bank in charge of infrastructure since February 1, 2023. In this role, he led the World Bank's global efforts to build sustainable infrastructure in developing and emerging economies, and supported the World Bank Group's strategic priorities such as the Climate Change Action Plan and private capital mobilization and support efforts. Prior to his current position, Chen Guangzhe had served as the World Bank's regional director of infrastructure in South Asia.
Previously, there were many people in China who held important positions in the World Bank. Zhang Shengman became the Executive Vice President of the World Bank in 2001. Also, Lin Yifu, a famous economist, was officially appointed Chief Economist and Senior Vice President in charge of Development Economics of the World Bank in 2008. Cai Jinyong has also served as Executive Vice President and CEO of International Finance Corporation (IFC) under the World Bank since 2012.
In recent years, senior executives of international financial institutions have frequently seen Chinese faces, such as Li Bo, the current vice president of the International Monetary Fund (IMF), Zhu Min, the former vice president of the International Monetary Fund (IMF), and Jin Liqun, the former vice president of the Asian Development Bank and the current president of the Asian Infrastructure Investment Bank.
It is understood that since China resumed its legal seat in the World Bank in 1980, the two sides have maintained good cooperative relations. As the third largest shareholder of the World Bank, China actively supports the World Bank in strengthening its development purpose and institutional capacity through reform to help developing countries cope with global challenges and achieve the UN 2030 Agenda for Sustainable Development.
Founded in 1945, the World Bank is the largest multilateral development institution in the world. Its mission is to eradicate absolute poverty and promote shared prosperity on a livable planet. Its headquarters are in Washington, USA. The World Bank Group has 189 member countries, staff from more than 170 countries and offices in more than 130 locations.
The current President of the World Bank Group is Anjie Peng. Previously, he served as Vice Chairman of Pan Atlantic Investment, President and CEO of MasterCard, etc. Go back to Sohu to see more
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